Dr. Thomas Cooley Joins Thornburg Mortgage Board of Directors; Stuart Sherman Resigns after 15 Years of Service

Thornburg Mortgage, Inc. (NSYE: TMA), announced today that Thomas F. Cooley, Ph.D., has been elected to the company’s Board of Directors. The company also announced that Stuart Sherman, a member of the board since 1999, has resigned from the board. Dr. Cooley serves as the Richard R. West Dean at the New York University Stern School of Business, where he is also the Paganelli-Bull Professor of Economics. He is also a research associate at the National Bureau of Economic Research. With more than 25 years experience in teaching macroeconomics and international economics, Dr. Cooley has been honored with several teaching excellence awards, an honorary doctorate from the Stockholm School of Economics, and fellowship in the Econometric Society. He is the author of a number of publications and serves on the editorial board of The Journal of Monetary Economics. "I’m pleased that Tom has joined our board of directors,” said Thornburg Mortgage President and Chief Executive Officer Larry Goldstone. "His in-depth knowledge on wide-ranging economic issues will add a valuable dimension as we navigate the extraordinary challenges of the current environment to rebuild Thornburg Mortgage and return to profitability.” Commenting on Stuart Sherman’s resignation, Mr. Goldstone said, "Having served as a director since the company’s inception 15 years ago, Stuart played a key role in establishing Thornburg Mortgage as one of the nation’s top jumbo mortgage lenders. His contributions will be greatly missed, and we wish him all the best.” Thornburg Mortgage is a leading single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable-rate mortgages.